Non-bank SME finance provider, White Oak UK has announced that more than £30m in CBILS lending has been provided to new and existing customers over the last six weeks, with a further £20m of new CBILS lending approved for release.
After being accredited as a new lender by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS) for term loans, White Oak UK launched their dedicated online lending portal on the 13 May.
The portal has had over 11,000 visitors since its launch and allows customers to check their eligibility and apply for CBILS funding online. The company said most approvals have a 24-hour turnaround.
Andy Davies, managing director of leases and loans at White Oak UK, said: “The level of demand we have seen for CBILS loans has been significant and continues to grow.
“Business owners are clearly looking for fast access to funding to trade through the present conditions, and we have been pleased to be able to deliver this in our usual style – simple, quick, and backed by great service.
“The whole process has been well received by our customers and brokers; we’ve received some great feedback on the facility”.
The company said demand has been particularly strong in the manufacturing, construction, and professional service sectors, with significant lending required for working capital, consolidation, and investment purposes with deals ranging from £75,000 to £600,000.
CBILS: Coronavirus Business Interruption Loan Scheme
Under CBILS, associated interest and fees are covered by the Government for 12-months and repayments can be deferred for up to 12-months, meaning that White Oak customers are able to make no repayments whatsoever for up to a year, something that has proven to be a popular facet as businesses start to plan for their recovery post-Covid-19.
White Oak UK offers asset finance, business loans, asset-backed lending and broker finance.
The business is based in North Wales with additional offices in Glasgow, Manchester, London, and Southampton.